Global Automotive Aluminum Market: Overview
The automotive industry is committed to the production of vehicles that offer excellent performance, superior fuel efficiency, high level of passenger safety, and comfort. Owing to properties such as low weight, high-performance, corrosion resistance, and flexibility, aluminum has emerged as one of the primary choices of automakers wanting to make vehicles that rank high on all these metrics. The use of aluminum also makes the vehicle environment friendly as most of the aluminum used in a vehicle recyclable.
This report on the global automotive aluminum market presents an extensive overview of the present growth dynamics of the market and includes projections regarding the future growth trajectory of the market and its segments. The report also includes a thorough overview of the factors expected to have a notable impact on the overall development of the market over the report’s forecast period. As such, impact of factors such as growth opportunities, restraints, growth drivers, notable trends of past and present times, competitive scenario, and regulatory framework surrounding the market across key regional markets is examined in the report.
The report also includes an overview of the recent developments in the market in terms of aspects such as technology and product varieties, Porter’s five forces analysis of the competitive landscape, and detailed business profiles of some of the key vendors in the market. An overview of the macro- and micro-economic factors crucial for established market players as well as new entrants to excel in the market is also included in the report.
Global Automotive Aluminum Market: Segmentation
Aluminum used in automobiles can be segmented on the basis of its use as aluminum extrusion, aluminum casting, aluminum sheets, and flat rolled products. Aluminum casting products contribute over half of the overall aluminum used in automobiles. Cast aluminum transmission housing and pistons are one of the most commonly found aluminum structures in automobiles across the globe. Aluminum sheet is presently used in two classes of automotive applications, namely auto body frame and closure panels. Extruded aluminum finds extensive usage across a vast number of applications such as the production of sun roof channels and roof rails.
Global Automotive Aluminum Market: Drivers and Restraints
One of the key factors driving the overall growth of the global automotive aluminum market is the vast rise in the production and sales of a variety of automobiles across the globe. Especially across developing economies in Asia Pacific, the vast rise in use of passenger vehicles has led to a significant rise in demand for aluminum to be used in automobiles. With China outpacing the U.S. to take the top-spot in the global passenger vehicles market, Asia Pacific and its vast appetite for passenger vehicles is expected to remain one of the chief drivers of the global automotive alumina market over the report’s forecast period.
Stringent government regulations advocating the increased use of lightweight and environmentally harmless materials in the production of vehicles are also leading to the increased use of aluminum in automobiles. 90% of aluminum used in vehicles can be recycled. Moreover, aluminum has a lighter mass than steel, making vehicles made with aluminum much lighter in weight as compared to the ones that use steel.
As a result, aluminum offers automakers the chance to manufacture energy-efficient and environment friendly vehicles, which are also high in performance and corrosion resistant at the same time. However, the market’s growth is expected to be restrained to a certain extent owing to the easy availability of alternative lightweight materials such as magnesium and reinforced plastic.
Some of the key vendors operating in the global automotive aluminum market are Novelis, Alcan, Rio Tinto, Aluminum Precision Products, Grupo Metalur, Kaiser Aluminum, Superior Aluminum Alloys Inc., Sapa Group, and Alcoa.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.